Date: 21st February 2001
Toronto-based IMAX, attempting to withstand the domino effect of North American exhibitor bankruptcies, said Tuesday that it plans to cut 13 percent of its workforce, revamp and cut back manufacturing operations in Toronto and Birmingham, AL, and take an unspecified first-quarter charge in 2001. In a statement, the company said, "These measures were necessary to improve IMAX's operating results and in response to the financial difficulties in the commercial exhibition industry." Meanwhile, many exhibitors have rejected IMAX's efforts to prevent a new 3D horror film, Haunted Castle from being shown on IMAX screens.
Reporting on the development, today's (Wednesday) Toronto Sun observed that IMAX's reported efforts to bar the movie "inadvertently created a huge advance buzz around this film."
Source: Studio Briefing